VCEDA Approves COVID-19 Relief Loans
Loan funding of up to $740,000 to help offset the negative economic impacts of the COVID-19 pandemic on local businesses in the coalfield region and at the Breaks Interstate Park was approved April 16 during a special called meeting of the board of the Virginia Coalfield Economic Development Authority (VCEDA). Up to $590,000 of the funding is being loaned to the eight county and city industrial and economic development authorities in the VCEDA region for distribution to local businesses impacted by COVID-19 in their respective communities. Also approved was up to a $150,000 loan to the Breaks Interstate Park, whose operations have also been negatively impacted by COVID-19.
The vote to approve the loan funds to each of the industrial development authorities/economic development authorities (IDAs/EDAs) in the VCEDA region was unanimous. The IDAs and EDAs will work with the local businesses in their respective communities to provide the funds as loans to businesses which have been negatively impacted as a result of the pandemic. Impacted local businesses may contact their local IDA/EDA office for further information.
“I think the vote by the VCEDA Board demonstrates their commitment and VCEDA’s commitment and responsiveness to the needs of the region during this time of crisis due to the COVID-19 pandemic. As soon as we were aware of the need, the board and staff of VCEDA quickly got a plan of action in place and implemented it. The coal and natural gas industries in the region, which are the primary funders of VCEDA through the severance taxes they pay, are also to be thanked for their role in helping to provide these funds.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about COVID-19 Relief Loans.
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Jonathan Belcher, VCEDA executive director/general counsel, left, presents a ceremonial seed capital matching grant check to Saundra Hamilton, owner of Down Home Spirits, LLC, right. In the center is J.R. Hamilton. They are pictured in front of the still which will manufacture the moonshine produced by Down Home Spirits LLC.
Down Home Spirits LLC Awarded VCEDA Seed Capital Grant
A recipe passed down through several generations will be used to make the moonshine Down Home Spirits LLC, a new moonshine distillery in downtown Haysi, Va., offers to locals and tourists alike. The new business, owned by Saundra Hamilton, will also focus on the history of moonshine. Down Home Spirits LLC was approved for a Virginia Coalfield Economic Development Authority $10,000 Seed Capital Matching Grant.
The new business, located at 210 Main Street in Haysi, plans to begin production in early May, Hamilton said.
“VCEDA’s seed capital matching grant program was established to assist entrepreneurs to grow their business plans in the region and to add to employment in the region at the same time. Down Home Spirits LLC projects five full-time and two part-time jobs by the end of their second year.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about Down Home Spirits LLC.
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Jonathan Belcher, VCEDA executive director/general counsel, right, presents a ceremonial seed capital matching grant check to Nick Jackson, second from left and Matt Villiard, second from right, co-owners of Wise Rx. Also pictured at left is Carl Snodgrass, Wise County Industrial Development Authority.
Wise Rx Awarded VCEDA Seed Capital Grant
Matt Villiard and Nick Jackson combined their 24 years of pharmacy experience to open a hometown pharmacy in Wise, Va. Their new business, Wise Rx, was the recent recipient of a $10,000 seed capital matching grant from the Virginia Coalfield Economic Development Authority (VCEDA).
Wise Rx offers all the traditional things one might expect in a pharmacy, but also has plans to incorporate niche services including immunizations, long-term care, weight loss management and disease management programs, Villiard said. The new pharmacy officially opened in early December 2019.
“Assisting entrepreneurs like Matt and Nick to pursue their plans of creating new business in their community is what the VCEDA Seed Capital Matching Grant program is all about. The business projects five full-time jobs and one part-time job within five years.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about Wise Rx.
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